Corn price action is 7 to 8 cents higher so far on Monday morning after gapping higher on Sunday night. Futures shrugged off the early weakness on Friday to close near the highs of the day, up 2 ¼ to 3 ½ cents across most contracts. September was 5 ¼ cents higher on the week with December up 6 1/2. Open interest was up 9,822 contracts on Friday, suggesting modest new buying. The CmdtyView national average Cash Corn price was up 3 1/4 cents at $4.132.
NOAA’s 7-day QPF updated forecast shows 1- 2 inches expected in much of NE, MO, and parts of Southern/Eastern IA and western IL. Precip is limited in much of the rest of the Corn Belt.
